Tether invests in Hyperliquid frontend Dreamcash, offering perps markets for TSLA, gold and more using USDT0 collateral

Stablecoin giant Tether is investing in the parent company behind Dreamcash, a mobile interface for Hyperliquid.

The move comes in the wake of the first USDT0-collateralized real-world asset perpetual markets going live on the popular DEX, launched as "a collaboration between Selini Capital, Dreamcash, and Tether," according to an announcement on Friday.

These markets include perps for the S&P 500 index, commodities like gold and silver, as well as single stocks including Tesla, Nvidia, Google, Amazon, Meta, Robinhood, Intel, and Microsoft.

"Until now, there has been no way for the millions of traders holding USDT to access Hyperliquid markets directly," Dreamcash wrote in an X post. Hyperliquid canonically uses USDC for its perpetual futures markets, and the DEX is rolling out a native USDH stablecoin.

Selini Capital was tapped as a liquidity provider for the 10 RWA markets, which are collateralized by USDT0, the omnichain version of USDT using LayerZero’s tech. They’re also powered by Hyperliquid's HIP-3 standard, which enables the permissionless creation of new HyperCore perpetual futures markets.

Tether’s investment will support a $200,000 weekly incentive program for Dreamcash’s CASH markets, with traders rewarded "for their share of the total USDT trading volume." Dreamcash did not disclose the size of Tether’s investment.

“This program demonstrates Tether's commitment to bringing new users into the Hyperliquid ecosystem by removing friction and rewarding early participants,” Dreamcash said.

Dreamcash, developed by Supreme Liquid Labs, is a self-custodial mobile app designed for trading on Hyperliquid.

Notably, HIP-3 “Builder-Deployed Perpetuals,” launched in October, allow any third-party frontends like Dreamcash to spin up markets if they meet the 500,000 HYPE token security bond staking requirement. HIP-3 builder-deployed markets support custom collateral types.